Gold Prices Soar to Nearly 1.61 Lakh Per 10 Grams in New Delhi
Gold prices surged by Rs 1,400 to nearly Rs 1.61 lakh per 10 grams in New Delhi on Friday, marking a second consecutive day of gains.
The price increase was driven by sustained buying interest in the domestic bullion market, despite investors becoming cautious ahead of key global economic data releases that could influence interest rates and precious metal prices.
Domestic silver prices, however, remained flat at Rs 2.40 lakh per kilogram, a level that has seen a 40% correction from its January peak of above Rs 4 lakh per kg.
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd, warned of potential inventory overhang due to the large amount of silver ordered by Indian dealers, which could add up to 2,000 tonnes if demand does not recover.